Commercial banks offer credit bureau services to rural banks

MANILA, Philippines – In the absence of the national credit information system as mandated by the Credit Information System Act (CISA), rural banks are encouraged to avail of the credit information services offered by the Bankers Association of the Philippines-Credit Bureau Inc. (BAP-CB).
The CISA was passed into law in October 2008 and the implementing rules and regulations (IRR) were finalized the following year.
Under the law, the credit information body is mandated to receive and consolidate basic credit data and to act as a central registry of credit information. It will provide access to reliable standardized information on the credit history and financial condition of borrowers.
However, it all remains in paper as the Securities and Exchange Commission (SEC), designated by the law as lead government agency, has not taken any action since the approval of the IRR.

Philippine Star – In the absence of the national credit information system as mandated by the Credit Information System Act (CISA), rural banks are encouraged to avail of the credit information services offered by the Bankers Association of the Philippines-Credit Bureau Inc. (BAP-CB).

The CISA was passed into law in October 2008 and the implementing rules and regulations (IRR) were finalized the following year.

Under the law, the credit information body is mandated to receive and consolidate basic credit data and to act as a central registry of credit information. It will provide access to reliable standardized information on the credit history and financial condition of borrowers.

However, it all remains in paper as the Securities and Exchange Commission (SEC), designated by the law as lead government agency, has not taken any action since the approval of the IRR.

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